Lower inflation means little if Ghanaians are yet to feel economic recovery – Gideon Boako

Deputy Ranking Member of Parliament’s Finance Committee Dr Gideon Boako has raised concerns over Ghana's economic recovery, suggesting that declining inflation figures and fiscal improvements may not accurately reflect the living conditions of the average Ghanaian. Despite government statistics indicating a reduction in inflation and an enhanced fiscal position, Dr Boako highlighted that many Ghanaians continue to face challenges such as soaring food prices, escalating fuel and transport expenses, unemployment, and inadequate economic conditions.

He emphasized that economic growth should be evaluated based on more than just headline statistics, taking into account factors like job creation, business expansion, and the delivery of essential infrastructure and services to communities.

Boako argued that the disparity between official economic indicators and the day-to-day experiences of ordinary citizens raises doubts about the quality of the recovery being reported by the government. He pointed out that lower inflation or a positive primary balance does not necessarily signify economic progress if young graduates remain unemployed, contractors are not being paid, and communities are still waiting for critical development projects.

According to Boako, economic growth should be measured by the number of young people securing decent jobs, the completion of infrastructure projects, the recruitment of nurses after financial clearance, the expansion of factories, the provision of quality healthcare to communities, the hiring of teachers, and whether households can plan for the future with confidence.

The MP underscored that the true measure of economic success should be the tangible improvement in citizens' daily lives, warning that maintaining macroeconomic stability should serve as a foundation for wider economic transformation, rather than being an end in itself. "Ultimately, citizens do not vote for economic statistics. They vote for better lives," Boako concluded, stressing that the government cannot claim fiscal prudence while simultaneously canceling development projects.